Hurricane Energy has been given the go-ahed to split its West of Shetland licence into four subdivision.
The Oil and Gas Authority (OGA) approved the move and also also granted a two year extension on its requirement for the drilling of an exploration well on its Lincoln basement prospect.
Chief executive, Robert Trice, said: “The licence subdivision is a further important step in the progression of Hurricane’s assets as it provides greater flexibility as we progress the options to farm-down our interests in discoveries or prospects within the original P1368 licence.”
The subdivision of licence P1368 breaks down to Central, North, South and Southwest.
P1368 Central is expected to contain the Lancaster basement discovery. P1368 North contains the Whirlwind basement discovery. P1368 South contains the Lincoln basement prospect and P1368 Southwest contains the Strathmore sandstone discovery.
Hurricane Energy focusses on basement exploration. It looks to replicate basement successes in places like Vietnam in the North Sea.
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